This seems like good news for the owner class: Higher national debt? Yay, we’ve socialized our losses. Public dissatisfaction? Great, keep people distracted from the actual problem (us).
Seems like the owners are getting what they hoped for.
this post was submitted on 20 Dec 2024
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The guy hasntneven started his presidency yet and he already is crashing the economy
I'm not even mad, I'm just amazed.
Who knew the guy who caused the economy to crash by ignoring COVID would inject uncertainty into the market.
He is certainly shows running it faster than I expected.
I thought we'd get a year or two in...until his dumbass tariff and tax plans kick in. Did not have "tank economy before taking office" on my bingo sheet
I figured it would be pretty instant as soon as he mentioned tariffs.
Your average Joe may not know much about how tariffs work, but the finance people that do most of wall street trading, and the big corporations that rely on international trade certainly know how they work.
Trump basically promised to halve the market for most products in the US. Sure, some businesses may see this as an opportunity to increase prices above the tariff costs to squeeze even more profits, but any large company that operates on volume, like Walmart, should be shitting bricks right now. If half the people shopping at Walmart right now won’t be able to afford the products next year, the company is going to have to massively downsize or risk financial ruin. They already operate on narrow profit margins per item. If they sell less of imported goods, their revenue will drop through the floor.
I had just the tiniest little inkling. But ain't nobody listening to me, that much is for certain.
Public dissatisfaction eh?
The public voted Trump in, and now the public is dissatisfied? Sorry but that's a bit rich. When you shoot yourself in the foot, you lose the right to complain about guns.
I don’t trust anyone who claims to know what the public is thinking.
I don't trust any presidential candidate.
You know why?
Because anybody who runs for president is someone who woke up one morning, looked in the bathroom mirror and thought "I know what the country needs, and that's ME."
Anybody who has the type of narcissistic personality required to even think of running for president is not entirely fit mentally and inherently highly dangerous.
You should read the part of the Robert Hur interview transcript where Biden talks about deciding to run for president, and talking to his family about it. It's wild. It's very, very different from how I imagined it.
The whole thing is actually pretty fascinating. I can't remember exactly where that discussion is, honestly, but I can probably dig out the page number if you're interested in reading it.
https://democrats-judiciary.house.gov/news/documentsingle.aspx?DocumentID=5273
That's one confrontative way of disagreeing, I guess. You could've done better.
The average American not feeling the economy doing well was one of the main reasons Biden/Harris was voted out. People didn't want more of the same.
The average American was led and instructed to blame the pain they were feeling on Biden/Harris, and led to the conclusion that Trump would be a sensible solution. Neither of those had anything to do with reality, but they saw it on the news and social media, and lo and behold they bought it.
That same average American who made that decision is about to lose their health care and experience a massive downturn to their economic situation, and all on purpose. You can blame the Democrats for being plutocrats who mostly don't give a shit about working people, it's true. But at least they weren't deliberately trying to wreck things, and Biden for whatever reason was actually trying to help. Trump really wants to hurt people. They're about to get a whole new chapter of "the same," and they'll have to be very lucky for it to be limited to economic devastation much worse than anything they experienced so far.
Well they're about to get more of the same
Technically, it will probably be much worse. Hooray for change, I guess.
That just sounds like more of the same lol
No. “Much worse” and “more of the same” are different from each other.
People do need to keep that in mind.
“Much worse” is understating it by quite a bit.
And “more of the same” is also wrong, for that matter. It’s spilt milk at this point, but Biden reduced inequality by quite a lot, and raised low-income wages by quite a lot. Both of those are almost un heard of in American governance. All everyone remembers is that eggs cost more now, but that’s not all that’s been happening.
Don't forget, when politicians talk about "the economy" the average American isn't even an afterthought.
That's why Dems kept insisting the economy was doing great, the rich got a lot more wealth over the last four years, but wealth is finite, them getting more means less for everyone else
Not that it matters anymore, but the last four years were highly unusual in that income inequality actually went down. That basically never happens in American politics, and it was a result of deliberate and specific policies to help working people, which also basically never happens.
There's a little bit of a mislead in that "higher than they've ever been" statement. There were times when unions were strong when the situation for working people was clearly better than it is now. But as far as I can tell, the historic high average is actually true right now, stemming from a combination of high-end wages dragging the average up on a scale of decades, and then also Biden's policies pulling things up at the bottom end for the last few years.
Any one want to take odds that he won't pay the interest on debts and claim be cut spending
Public dissatisfaction aside, doesn't the government direct benefit from high inflation because it means its debt is cancelled?
strong in the healine is a bit much. stable is more correct. It is one that has recovered from his bullshit but it would take another time to be doing somewhat better. Its the same story each time but with biden only being one term its going to be an epic in a bad way four years.